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Question 3 Chapter 11 of Class 12 Part – 2 – 2024
Arrangement of Balance sheet Items
3. (Subscribed but Not Full Paid up Capital) Assam Tea Company was registered with 5,00,000 equity shares of Rs 100 each. The company invited applications for Rs 4,00,000 Equity shares. However, only 3,00,000 shares where subscribed and allotment was made to all applicants. Company called Rs 80 per share. One shareholder holding 5,000 shares did not pay first call of Rs 10. Show share capital in balance Sheet.
Balance Sheet of Assam Tea Company
| Particulars |
Note no. | Amount |
|---|---|---|
| I. Equity and Liabilities | ||
| 1. Shareholders’ Funds | ||
| Share Capital | 1 | 2,39,50,000 |
| Total | 2,39,50,000 |
Notes to Accounts
| Particulars |
Note no. | Amount |
|---|---|---|
| 1. Share Capital | ||
| Authorised Capital | ||
| 5,00,000 Shares of Rs 100 each | 5,00,00,000 | |
| 2. Issued Capital | ||
| 4,00,000 Shares of Rs 100 each | 4,00,00,000 | |
| Subscribed Capital | ||
| Subscribed & Fully Paid-up Capital | ||
| 3,00,000 Shares of Rs 100 each, Rs 80 called up | ||
| Less :Calls in arrears (5,000 x Rs 10 ) | 2,39,50,000 | |
| 2,39,50,000 |
Accounting & Commerce Educator
Sarbjit Singh holds a B.Com and M.Com degree and has over 12 years of teaching experience in double entry bookkeeping, financial accounting, and business studies.
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